August Real Estate Trend, Lynn Slaten, Long Realty

• For August, 2023, there were 23 homes sold, compared to the 16 that were sold in July, 2023 (+44%.) In August, 2022, there were 16 homes sold (+44%.) 
• The median sales price for August, 2023 was $495,000 compared to $560,875 in July, 2023 (-12%.) In August, 2022, the median sales price was $516,600 (-4%.)
• The list price to sales price in August, 2023 was 98%, same as July, 2023. In August, 2022, the list price to sales price was also 98%.   
• The numbers of homes sold year-to-date at the end of August, 2023 was 180, compared to 157 at the end of July, 2023 (+15%). At the end of August, 2022, 221 homes had been sold (-19%.)
• There are currently 53 homes on the market. The median list price is $499,000. Average days on market increased to 39.
• There are currently 28 homes under contract. Only 4% of those sold over the original asking price.
• There is currently 2.3 months of inventory, which represents Seller’s market in all price ranges from $300K to over $1M, except the $600,000 to $700,000 market, which is a Buyers market.

 Overall, sales were slightly up from July, 2023 to August, 2023. However, unless inventory levels continue to rise, we should expect to see continued pricing strength and even growth. At some future point when mortgage rates do moderate downward, it is likely an increase demand will follow and continue further pricing gains, when pent up demand/buyers enter the market.

Interestingly, a comprehensive analysis of the current major housing markets reveals that all have experienced growth in home prices since the beginning of 2023. However, Phoenix, San Francisco, Las Vegas and Austin have encountered the most substantial year over year declines and deviations from their peak levels!

For more information on buying or selling your home, contact Lynn at 520-240-2866 or by email ly***@lo********.com
www.soldonsaddlebrooke.com

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